News this past week

News you might have missed this week. This is your one stop for all the news surrounding technology, businesses and startups.

Sports News

2 new IPL teams announced – Lucknow and Ahmedabad
RP-Sanjiv Goenka Group (RPSG Group) placed the highest bid of ₹7,090 crore to own the team based out of Lucknow. Meanwhile, CVC Capital placed second-highest bid of ₹5,625 crore and will have their team based out of Ahmedabad.

Business News

“Paytm IPO Launch Date announced: November 8, will raise Rs 18,300 crore”

Paytm’s parent company One97 Communications will open its IPO for subscription from November 8 to November 10. The biggest ever IPO comprises a fresh issue of ₹8,300 crore and an offer for sale of up to ₹10,000 crore by existing shareholders. Based on its proposed IPO, Paytm’s valuation could be around $20 billion (₹1.5 lakh crore). Zomato which also concluded its IPO this year, has reached the valuation of a little over Rs 1 lakh crore.

“ICICI Bank shares rose 11% on Monday”
ICICI Bank’s shares surged 11.52% to close at ₹846.75 on the NSE after its highest-ever net profit in Q2. The bank reported a 30% rise in standalone net profit to ₹5,511 crore for the July-September quarter. ICICI Executive Director Sandeep Batra said, “There are no exceptional items during this period because we haven’t sold anything (from subsidiaries).”

“Tesla became fifth company to enter $1tn elite group”
After Hertz announced to spend $4.2 billion to buy 1,00,000 Tesla cars, Tesla shares jumped more than 12% and added almost $118 billion to the company’s market capitalization. Tesla is now the fifth-most valuable publicly traded company in the US.

Also read

“Policybazaar fixes price band for its IPO on 1st Nov at ₹940-980 per share”
The online insurance aggregator Policybazaar released the dates of its upcoming initial public offering (IPO) on October 26th. The IPO will close on November 3 and the date of allotment with the stock exchange has been stated as November 10. Policybazaar has fixed the price band for its IPO at ₹940-980 per share. It comprises a fresh issue of ₹3,750 crore and an offer-for-sale of ₹1959.72 crore by its existing shareholders and promoters.

Technology News

“Shiba Inu jumps 50% to a record high, becomes 11th largest cryptocurrency”

Cryptocurrency Shiba Inu (SHIB), a meme coin named after the Japanese dog breed Shiba Inu, jumped 50% to a record high on Sunday. It became the 11th largest cryptocurrency by market value.
However, it fell from a record high of $0.0000423 to $0.000039 on Monday after the world’s richest person, Elon Musk, said that he doesn’t hold the meme cryptocurrency.

“Facebook changes its company name to Meta”
Mark Zuckerberg owned Facebook Inc. is now called ‘Meta’. The company announced its new name on Thursday, in a rebrand that focuses on building the “metaverse,” a shared virtual environment to mimic the experience of interacting in person. The names of the apps that we build—Facebook, Instagram, Messenger and WhatsApp—will remain the same,” the company said.

“Instagram allows all users to share links in Stories”
Instagram is rolling a new feature to allow everyone to add links to their Stories. Earlier, this feature was available only to verified accounts or accounts with more than 10,000 followers. With the new update, Instagram is letting everyone add links through the link sticker, which would then redirect the viewers to the link once they tap on it.

Startup News

“Indian Online Investment platform Groww triples valuation to $3bn”

Groww reached to $3bn market capital in just six months after it raised $251 million in a new funding round. Bangalore based startup, became Unicorn earlier this year in April. It was founded by former Flipkart executives in 2016.

“Acko Insurance becomes India’s 34th unicorn in 2021”
Amazon-backed Acko Insurance has become a unicorn after it raised $255 million in a funding round led by private equity firms General Atlantic and Multiples Private Equity. The five-year-old Bengaluru-based startup’s valuation has risen to $1.1 billion making it the 34th unicorn of India in 2021.